Gold Prices Stable Amid Expectations of Lower Interest Rates

Gold prices held steady on Monday after hitting a seven-week high in the previous session. The precious metal's stability came as investors looked to upcoming US inflation data for clues on the Federal Reserve's interest rate path.

Spot gold was trading at $4,346.85 per ounce, little changed from Friday's close. US gold futures rose 0.2% to $4,406.80. Silver prices gained 0.9% to $64.09 per ounce, while platinum and palladium prices also rose.

According to Tim Waterer, chief market analyst at KCM Trade, the weak US jobs data released last week reduced fears of an imminent rate hike, boosting gold's appeal. Waterer expects gold to remain supported above the $4,300 level in the near term.